Peter Schiff: What Is the Economy Going to Recover to?
A lot of people still seem to think at some point, Donald Trump will flip a switch and the government will start humming again. As Peter Schiff explained in his podcast Friday that’s not going to happen. The best we can hope for is recovering from a depression to the recession we were going to have anyway.
We got the monthly jobs report for March on Friday. It was bad. But not as bad as what we’re going to see in April.
The economy lost 701,000 jobs last month. That was the first contraction in the labor market in over a decade. The unemployment rate jumped to 4.4%. The monthly job losses were already close to the May 2009 financial crisis peak of 800,000.
Of course, we know from the weekly unemployment applications reported over the last two weeks that this is just the beginning of an epic labor market collapse. Over 10 million Americans filed for unemployment. That 701,000 is going to look pretty good compared to the April number.
As Peter said, it should be pretty apparent that when this is over, we’re not going back to normal.
This is not going to be a quick recovery. People keep talking about this, that’s it’s going to be this quick recovery. We can’t have a quick recovery. And when we recover, what are we going to recover to?”
President Trump continues to spin this fairytale that we had the greatest economy in history prior to the coronavirus. The narrative is he was forced to shut down this booming economy because of the coronavirus. Once the coronavirus threat passes, the economy is just going to start right back up again.
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